|
Report Date : |
16.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
S.I.G. SOCIETA ITALIANA GOMMA S.P.A. |
|
|
|
|
Registered Office : |
Via Quintino Sella, 4 20100 – Milano (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.12.1965 |
|
|
|
|
Com. Reg. No.: |
MI146-193798 of since 19/02/1996 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of synthetic rubber in primary forms |
|
|
|
|
No. of Employees : |
From 51 To 70 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ITALY - ECONOMIC OVERVIEW
Italy has a
diversified industrial economy, which is divided into a developed industrial
north, dominated by private companies, and a less-developed, welfare-dependent,
agricultural south, with high unemployment. The Italian economy is driven in
large part by the manufacture of high-quality consumer goods produced by small
and medium-sized enterprises, many of them family owned. Italy also has a
sizable underground economy, which by some estimates accounts for as much as
17% of GDP. These activities are most common within the agriculture,
construction, and service sectors. Italy is the third-largest economy in the
euro-zone, but exceptionally high public debt burdens and structural
impediments to growth have rendered it vulnerable to scrutiny by financial
markets. Public debt has increased steadily since 2007, reaching 120% of GDP in
2011, and borrowing costs on sovereign government debt have risen to record
levels. During the second half of 2011 the government passed a series of three
austerity packages to balance its budget by 2013 and decrease its public debt
burden. These measures included a hike in the value-added tax, pension reforms,
and cuts to public administration. The government also faces pressure from
investors and European partners to address Italy's long-standing structural
impediments to growth, such as an inflexible labor market and widespread tax
evasion. The international financial crisis worsened conditions in Italy''s
labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but
in the longer-term Italy''s low fertility rate and quota-driven immigration
policies will increasingly strain its economy. The euro-zone crisis along with
Italian austerity measures have reduced exports and domestic demand, slowing
Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.
Source
: CIA
S.i.g. Societa Italiana Gomma S.p.A.
Via Quintino Sella, 4
20100 – Milano (MI) -IT-
|
Fiscal Code |
: |
04746960154 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
10/12/1965 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
20.000.000/25.000.000 |
|
Number of Employees |
: |
from 51 to 70 |
Manufacture of synthetic rubber in primary
forms
Manufacture of rubber products
Legal Form : Joint stock company
|
Fiscal Code : 04746960154 |
|
Foreign Trade Reg. no. : MI059473 since
20/12/1991 |
|
Foreign Trade Reg. no. : 59473 of |
|
Chamber of Commerce no. : 1038061 of since
17/04/1980 |
|
Chamber of Commerce no. : 167710 of |
|
Firms' Register : MI146-193798 of since
19/02/1996 |
|
V.A.T. Code : 04746960154 |
|
Foundation date |
: 07/02/1980 |
|
|
Establishment date |
: 07/02/1980 |
|
|
Start of Activities |
: 10/12/1965 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 2.244.600 |
|
|
Subscribed Capital |
: 2.244.600 |
|
|
Paid up Capital |
: 2.244.600 |
|
|
|
Crema |
Roberto |
|
|
|
Born in Vedano Olona |
(VA) |
on 07/08/1940 |
- Fiscal Code : CRMRRT40M07L703H |
|
|
|
Residence: |
|
Principessa Clotilde |
, 2 |
- 20121 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
28/05/2010 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Scolari |
Guido |
|
|
|
Born in Milano |
(MI) |
on 17/05/1962 |
- Fiscal Code : SCLGDU62E17F205O |
|
|
|
Residence: |
|
Q.sella |
, 4 |
- 20121 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
05/10/1990 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
*checkings have been performed on a national
scale.
In this module the companies in which members
hold/held positions are listed.
The Members of the subject firm are not
reported to be Members in other companies.
Shareholders' list as at date of data
collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Tecsig S.r.l. |
Milano - IT - |
00846140150 |
2.234.274 .Eur |
99,54 |
|
Crema Roberto |
Milano - IT - |
CRMRRT40M07L703H |
9.876 .Eur |
0,44 |
|
Sangalli Sergio |
Darfo Boario Terme - IT - |
SNGSRG39D03E010F |
450 .Eur |
0,02 |
The Company under review has no
participations in other Companies.
In order to carry out its activities the firm
uses the following locations:
|
- |
Registered office |
|
|
|
|
|
|
Quintino Sella |
, 4 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
- |
Branch |
(Administrative office) |
since 14/09/2006 |
|
|
|
|
|
|
Delle Forze Armate |
, 403 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 0248915300 |
|
|
|
|
FAX |
: 0248915200 |
|
- |
Branch |
(Store) |
since 14/09/2006 |
|
|
|
|
|
|
A. Colombo |
, 201/203 |
- 21055 |
- Gorla Minore |
(VA) |
- IT - |
|
- |
Branch |
(Factory) |
since 26/07/1995 |
|
|
|
|
|
|
Ambrogio Colombo |
, 144 |
- 21055 |
- Gorla Minore |
(VA) |
- IT - |
|
|
|
|
PHONE |
: 0331365135 |
|
|
|
|
Employees |
: 53 |
|
Fittings and Equipment for a value of
780.000 |
Eur |
|
Stocks for a value of 4.230.000 |
Eur |
|
Furniture and fittings for a value of
86.000 |
Eur |
|
Vehicles for a value of 48.000 |
Eur |
|
|
The firm operates abroad as importer /
exporter..
Export represents more than 50% of the global
turnover.
Products abroad are placed by :
|
- its own sales net-work |
|
- its own agents |
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited liability company |
Joint stock company |
31/12/1980 |
Protests checking on the subject firm has
given a negative result.
Search performed on a National Scale
|
|
|
Prejudicial Events Search Result: NEGATIVE |
Search performed on a specialized data base.
None reported, standing to the latest
received edition of the Official Publications.
Company's starting of activities dates back
to 1965.
An eco-fin analysis has been made on the base
od the b/s fo the years 2009, 2010 and 2011.
During the last years, it recorded positive
net results (r.o.e. 9,54% in 2011) thanks to a progressive increase in turnover
(+22,96% in 2011 compared to 2010 and +9,61% in 2010 compared to 2009).
The operating result in 2011 was positive
(6,64%) falling within the field's average.
The amount of the operating result for the
year 2011 is of Eur. 1.076.848 with an increase of 28,98% if the compared to
the previous financial year.
During the latest financial year the gross
operating margin amounted to Eur. 1.885.639 ,with no change if compared to the
year before.
From a financial aspect the company's status
covers total short-term debts; the indebtedness volume in 2011 is in fact 0,77
increasing compared to last year (0,76)
It's shareholders funds amount to Eur.
6.225.636 on the same levels as the year before.
Total indebtedness was equal to Eur.
7.855.784 (Eur. 418.006 was the value of m/l term debts) , with no sensible
variation.
Financial debts exposure is under control
while the recourse to commercial credit is rather frequent however still within
the sector's average.
Liquidity is good (1,66)
Trade credits average terms are 79,05 days. ,
that compared to the sector's average is shorter.
Eur. 1.197.442 is the value of cash flow
during the year 2011
Subordinate employment cost is of Eur.
2.554.939, i.e. 12,29% on total production costs. , with a 11,87% incidence on
turnover.
The incidence of the financial charges is of
-0,3% on the sales amount.
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
21.525.701 |
|
Profit (Loss) for the period |
594.146 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
17.505.659 |
|
Profit (Loss) for the period |
441.531 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
15.969.580 |
|
Profit (Loss) for the period |
404.193 |
From our constant monitoring of the relevant
Public Administration offices, no more recent balance sheets result to have
been filed.
|
- Balance Sheet as at 31/12/2011 - 12 Mesi
- Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2010 - 12 Mesi
- Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2009 - 12 Mesi
- Currency: - Amounts x 1 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value Type |
as at 31/12/2011 |
as at 31/12/2010 |
as at 31/12/2009 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,24 |
0,27 |
0,28 |
0,37 |
|
Elasticity Ratio |
Units |
0,76 |
0,73 |
0,72 |
0,61 |
|
Availability of stock |
Units |
0,26 |
0,25 |
0,31 |
0,14 |
|
Total Liquidity Ratio |
Units |
0,50 |
0,48 |
0,41 |
0,40 |
|
Quick Ratio |
Units |
0,16 |
0,11 |
0,16 |
0,01 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,77 |
0,76 |
0,67 |
2,25 |
|
Self Financing Ratio |
Units |
0,38 |
0,40 |
0,40 |
0,25 |
|
Capital protection Ratio |
Units |
0,54 |
0,54 |
0,53 |
0,77 |
|
Liabilities consolidation quotient |
Units |
0,15 |
0,23 |
0,22 |
0,25 |
|
Financing |
Units |
1,26 |
1,16 |
1,19 |
2,89 |
|
Permanent Indebtedness Ratio |
Units |
0,45 |
0,50 |
0,50 |
0,49 |
|
M/L term Debts Ratio |
Units |
0,07 |
0,10 |
0,09 |
0,12 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
1,13 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,90 |
1,88 |
1,79 |
1,12 |
|
Current ratio |
Units |
1,66 |
1,77 |
1,68 |
1,10 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,09 |
1,16 |
0,95 |
0,78 |
|
Structure's primary quotient |
Units |
1,61 |
1,52 |
1,45 |
0,64 |
|
Treasury's primary quotient |
Units |
0,35 |
0,26 |
0,37 |
0,02 |
|
Rate of indebtedness ( Leverage ) |
% |
260,60 |
248,31 |
248,12 |
400,87 |
|
Current Capital ( net ) |
Value |
4.918.843 |
4.633.779 |
4.093.651 |
122.005 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
5,56 |
6,31 |
7,41 |
3,12 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
9,54 |
7,55 |
7,19 |
1,12 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
16,25 |
12,94 |
12,59 |
7,08 |
|
Return on Investment ( R.O.I. ) |
% |
6,64 |
5,75 |
5,76 |
3,17 |
|
Return/ Sales |
% |
5,00 |
4,77 |
5,04 |
3,04 |
|
Extra Management revenues/charges incid. |
% |
55,17 |
52,89 |
50,25 |
18,11 |
|
Cash Flow |
Value |
1.197.442 |
1.104.735 |
1.183.511 |
177.056 |
|
Operating Profit |
Value |
1.076.848 |
834.872 |
804.285 |
81.874 |
|
Gross Operating Margin |
Value |
1.885.639 |
1.753.787 |
2.234.955 |
249.142 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
79,05 |
91,53 |
64,55 |
109,51 |
|
Debts to suppliers average term |
Days |
117,99 |
145,39 |
120,20 |
100,86 |
|
Average stock waiting period |
Days |
70,76 |
75,58 |
98,62 |
49,84 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,33 |
1,21 |
1,14 |
1,05 |
|
Rate of stock return |
Units |
5,09 |
4,76 |
3,65 |
7,21 |
|
Labour cost incidence |
% |
11,87 |
13,30 |
15,32 |
18,93 |
|
Net financial revenues/ charges incidence |
% |
-0,30 |
-0,48 |
-0,67 |
-1,59 |
|
Labour cost on purchasing expenses |
% |
12,29 |
14,79 |
15,53 |
19,09 |
|
Short-term financing charges |
% |
0,91 |
1,33 |
1,82 |
2,93 |
|
Capital on hand |
% |
75,37 |
82,97 |
87,40 |
95,40 |
|
Sales pro employee |
Value |
398.624 |
330.295 |
301.312 |
159.094 |
|
Labour cost pro employee |
Value |
47.313 |
43.933 |
46.153 |
32.607 |
Our Company collects data from public
registers, lists, archives or contained in Acts and/or documents (held by the
National Chamber of Commerce or Immovables Territorial Agency), users,
reporters or however generally accessible (for example, from categorical lists,
statistical institutes, press reports and from public inspection internet
sites).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.87.69 |
|
Euro |
1 |
Rs.72.85 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.